The economic fallout from the COVID-19 pandemic has affected all Americans – forcing many to work from home or reevaluate career paths after furloughs or layoffs. This unique situation has created opportunities to buy or sell small businesses during the pandemic.
Some small business owners are burnt out from trying to stay afloat since restrictions were implemented, while others are being forced to close down or severely reduce operations. Other small businesses are busier than ever if their business model fits well with the new normal. All of these situations are reasons that a small business owner might consider selling their business, which creates opportunities for buyers.
Coupled with the buying opportunities, small business ownership is attracting many people that would have never considered it in the past. Whether they’ve grown accustomed to the freedom and flexibility of working from home, or their once rock-solid corporate job became less stable during shutdowns, the pool of buyers continues to grow daily. In addition, with favorable SBA loans and other small business loans offering historically low interest rates, many argue there’s never been a better time to purchase an existing business.
McNeelyLaw has helped both buyers and sellers navigate and simplify the transaction and transition of buying and selling small businesses. Please contact the Business Law attorneys at McNeelyLaw at (317) 825-5110 for assistance.
This McNeelyLaw LLP publication should not be construed as legal advice or legal opinion of any specific facts or circumstances. The contents are intended for general informational purposes only, and you are urged to consult your own lawyer on any specific legal questions you may have concerning your situation.